Statement of Financial Affairs (Official Form 107)

What does "Statement of Financial Affairs" mean?

The Statement of Financial Affairs is Official Form 107 for people filing alone or as a married couple; corporations, partnerships and other non-individual debtors file their own version of the same statement (U.S. Bankr. Ct. D. Ariz., Required Forms for Filing Bankruptcy). It is a questionnaire about financial history, not a balance sheet. Its parts ask about marital status and prior addresses, sources of income, payments to creditors and to insiders, lawsuits, repossessions, foreclosures, garnishments and setoffs, property given away or otherwise transferred, losses from theft or disaster, payments made for bankruptcy help, storage units, property you hold for someone else, environmental matters, and any business you ran (Bankr. E.D. La. official guidance — Chapter 7 Form Packet). The schedules answer "what do you own and what do you owe today." This form answers "what has happened with your money, and who has been paid or given something." Its own instruction is blunt: answer every question.

Why does it matter in a bankruptcy case?

The trustee assigned to your case, your creditors, and the U.S. Trustee, or the Bankruptcy Administrator in Alabama and North Carolina, read this form to see what happened before the case was filed. A transfer of property, a payment to a relative, a pending lawsuit or an unreported source of income commonly surfaces here first, and the answers often shape what gets asked at the meeting of creditors. The form is verified, or signed under an unsworn declaration, under penalty of perjury (Fed. R. Bankr. P. 1008; 28 U.S.C. § 1746). Federal law states that a person who knowingly and fraudulently conceals assets or makes a false oath or statement in connection with a case is subject to fine, imprisonment, or both, and that information a debtor supplies is subject to examination by the Attorney General (11 U.S.C. § 342). A discharge may be denied where a debtor conceals property or makes a false oath (Bankruptcy Administrator for the Middle District of Alabama, Statement of Information).

How does it work in practice?

Federal law requires a debtor to file a statement of the debtor's financial affairs along with the list of creditors, the schedules of assets and liabilities, and the schedules of current income and expenditures (11 U.S.C. § 521(a)(1)). Filing it with the petition is common; when it arrives later, the clerk dockets it as its own entry (Bankr. M.D. Fla. Procedure Manual; CANB official page — Statement of Financial Affairs). In a joint case both spouses are equally responsible for supplying correct information, and each signs. Answers can be corrected by amendment, and the verification requirement applies to an amendment too (Fed. R. Bankr. P. 1008). Unlike the separate statement about Social Security numbers, which the court keeps out of the public case file, this statement is part of the public record (Bankr. M.D. La. filing packet).

• A blank line is not an answer; the form directs you to answer every question.
• Anyone who is not an attorney and prepares the document for compensation must sign it and print their name and address (11 U.S.C. § 110).
• A debt relief agency must tell an assisted person that all information provided has to be complete, accurate and truthful, and that it may be audited (11 U.S.C. § 527).

What do people get wrong about it?

Four mistakes recur. The first is treating it as a duplicate of the schedules: because it is a history, property you no longer own and money you no longer have still get reported. The second is deciding an item is too small or too old to matter; the form sets its own lookback windows and asks about gifts, transfers, losses, storage units and property held for someone else, whether or not the answer seems helpful. The third is assuming that a lawyer's or a preparer's involvement shifts responsibility. The debtor signs, and in a joint case both spouses are responsible for correct information (Bankr. N.D. Ill. official guidance — Chapter 13 - Additional Documents). The fourth is expecting the form to differ by state. It is a national official form. What varies locally is court procedure and the state-law figures used elsewhere in a case, which are covered on your state page.

Frequently asked questions

Is the Statement of Financial Affairs the same as the schedules?

No. The schedules describe what you own, what you owe, and your income and expenses as of the filing date. The Statement of Financial Affairs describes financial history and conduct, including transfers, payments, lawsuits and losses. Federal law lists them as separate documents a debtor files (11 U.S.C. § 521(a)(1)).

What happens if an answer is left blank or turns out to be wrong?

The form instructs filers to answer every question, and answers can be corrected by amendment, which carries the same verification requirement (Fed. R. Bankr. P. 1008). Knowingly and fraudulently concealing assets or making a false oath in connection with a case is subject to fine, imprisonment, or both (11 U.S.C. § 342), and a discharge may be denied on that basis.

Who actually sees what I put on this form?

It is filed with the bankruptcy court and forms part of the public case file, so the trustee assigned to your case, creditors, and the U.S. Trustee or the Bankruptcy Administrator in Alabama and North Carolina can read it. The separate statement about Social Security numbers is handled differently and is kept out of the public record.

Sources

• 11 U.S.C. § 521 — Debtor's duties · official source
• 11 U.S.C. § 342 — Notice · official source
• Fed. R. Bankr. P. 1008 — Requirement to Verify Petitions and Accompanying Documents
• 28 U.S.C. § 1746 — Unsworn declarations under penalty of perjury
• 11 U.S.C. § 110 — Penalty for persons who negligently or fraudulently prepare bankruptcy petitions · official source
• 11 U.S.C. § 527 — Disclosures · official source
• Bankr. E.D. La. official guidance — Chapter 7 Form Packet
• Bankr. N.D. Ill. official guidance — Chapter 13 - Additional Documents
• Bankr. M.D. Fla. Procedure Manual — Schedules Statements Plan Received After Filing
• CANB official page — Statement of Financial Affairs | United States Bankruptcy Court
• U.S. Bankr. Ct. D. Ariz., Required Forms for Filing Bankruptcy
• Bankr. M.D. La. filing packet — Ch13_Vol_Petition_ Package-2026.pdf
• Bankruptcy Administrator for the Middle District of Alabama, Statement of Information

Related

• 341 Meeting
• The 341 Meeting of Creditors: What Actually Happens
• Bankruptcy Estate
• Bankruptcy Administrator: Who Oversees Cases in Alabama and North Carolina
• Build your personalised roadmap